Have you ever contemplated how the people you hang out with or follow on social media actually affect your financial status? Think about the last time you went on a diet or tried a new fitness regimen — if your friends were on board, chances are that you stuck with it longer than if you tried to go it alone. The same thing applies when it comes to your money, so much so that some banks have been known to check Facebook friend lists before granting people credit for things like a mortgage or car loan.
A Harris poll conducted on behalf of the AICPA found that 39% of people looked into a purchase or vacation solely because they saw it on someone else’s social media, further proving the power of peer pressure.
Using Peer Pressure to Get Richer
Put the power of peer pressure to work for you in your financial life by trying some of the following:
- Talk to your friends about your financial goals and challenge them to join you, kind of like a weight loss challenge – what about a challenge to save a thousand bucks over the summer? When you all achieve the goal, celebrate with a spa day.
- Look at who you follow on social media and consider adding positive financial influences, like Feed the Pig, Budgets Are Sexy or Financial Finesse. If you suffer from FOMO, you might want to hide some of the bigger bragsters in your network – trust me, their lives are not as fabulous as you think or they wouldn’t have so much time to be posting on social media!
- Become a role model for your friends and family by brushing up on good financial habits, then talking about them at gatherings. Before you know it, people will be calling you for guidance and you’ll feel the positive peer pressure to practice what you preach. It works for me…
- Subscribe to blogs that address the questions you have.
The bottom line is, if you don’t like your current financial situation, take a look at what effect your interactions with friends and family may be having. There are some you can’t avoid, like a sister who is constantly coming to you for money when in a pinch, but you can neutralize the negative peer pressure by putting positive money peers more deliberately in your life.